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Last night, fashion's most fabulous attended a gala in New York to award the winner of the CFDA/Vogue Fashion Fund. Billy Reid took home the accolade (which included $300,000) whilst Eddie Borgo and Prabal Gurung were named runners-up. The event attracted stylish ladies like Blake Lively and Leighton Meester alongside designers Karl Lagerfeld, Tory Burch and Diane von Furstenberg. Previous winners of this award have included Alexander Wang, Proenza Schouler and Sophie Theallet. Click through to see photos from the event.